Since 1990, emission and discharge of pollutants in the environment in Russia is decreasing, but it is a consequence of the collapse of economy, not a result of successful pollution control. What is more, decrease of investments in equipment and capacities for pollution control is more rapid than the decrease of industrial production output. In the nearest future these capacities will be outmoded and the damages caused by pollution to the environment will increase drastically even at the same level of industrial output. Economically-related mathematical model is developed for simulation of environmental impact and environmental quality in a case of various scenarios of industrial development and investments in pollution control in Sverdlovsk Oblast. Mathematical expressions for different steps describing the evolution of investments into the effectiveness of pollution control are combined to form the model. Concentration of pollutants in air and water is considered as a function of parameters such as production output in the seven most important branches of industry, existing state and effectiveness of capacities for pollution control, annual investments in renewing of these capacities, etc. Environmental consequences of several scenarios of economic and industrial development to the period up to 2005 are discussed.